Rep. Rodgers

News of another European Union deal to bail out Greece was greeted with a huge stock market rally in many countries today. But is there a hidden barb in the deal for the United States?

Already dealing with our own financial problems, the US continues to supply one third of the funds for the International Monetary Fund, whence cometh the relief of European banks.

Rep. Cathy McMorris Rodgers of Spokane, Vice Chairman of the Republican House Conference, has warned repeatedly of US exposure to European debt repayment plans. In a press release today, she noted, "Before today's agreement, the IMF had already committed $354 billion to bailing out European governments. After today's agreement was reached, IMF Director Christine Lagarde announced, 'I can assure you that the IMF will continue to play its part in supporting the efforts made today.' According to news reports, that means the IMF is poised for a 'bigger role.'"

"The U.S.," McMorris Rodgers says, "is the leading contributor to the IMF. In 2009, when the IMF substantially increased its SDR Special Drawing Rights (SDR) allocation, the U.S. provided one-third of the funding. According to IMF rules, the U.S. has the power to veto all bailout agreements."

The Congresswoman called for America to decline to finance European debt.